Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 20th.</li>
<li>We estimate the weekly inflows to be US$7,139.5 million, led by information technology, industrials, materials sectors, and offset by real estate.</li>
<li>We highlight flows for Kweichow Moutai, CATL, Wuliangye, Ping An Insurance, BOE.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 20th.
We estimate the weekly inflows to be US$7,139.5 million, led by information technology, industrials, materials sectors, and offset by real estate.
We highlight flows for Kweichow Moutai, CATL, Wuliangye, Ping An Insurance, BOE.


Northbound Flows (Jan 20th): $7.1bn Inflows Before CNY

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman Inc (2057 HK)</a>'s 63.1% surge in 3Q22 adjusted net profit demonstrated its ability to thrive even amid the challenging operating environment.  </li>
<li>It is positive on FY23 outlook and believes industry volume can return to double-digit growth. ZTO is confident of market share gain, better cost management and stable pricing. </li>
<li>We think its premium valuations are highly justified by strong cash generating ability. The increase of US$500m and lengthening of one year in share repurchase are very welcomed.</li>
</ul>



ZTO Express Cayman Inc (2057 HK)'s 63.1% surge in 3Q22 adjusted net profit demonstrated its ability to thrive even amid the challenging operating environment.  
It is positive on FY23 outlook and believes industry volume can return to double-digit growth. ZTO is confident of market share gain, better cost management and stable pricing. 
We think its premium valuations are highly justified by strong cash generating ability. The increase of US$500m and lengthening of one year in share repurchase are very welcomed.


ZTO Express (2057 HK/​​ZTO US): Solid Upward Momentum Stays Intact

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. </li>
<li>We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.</li>
<li>We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. 
We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.
We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.


Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY.</li>
<li>Alibaba resumed its link on Kuaishou's live streaming sales before Singles’ Day.</li>
<li>Tencent denied the rumor that it would be acquired by China Mobile.</li>
</ul>


In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY.
Alibaba resumed its link on Kuaishou's live streaming sales before Singles’ Day.
Tencent denied the rumor that it would be acquired by China Mobile.


China Internet Weekly (31Oct2022): Alibaba, Tencent, Meituan, Kuaishou, S.F.

<ul>
<li>Two logistics companies expected that their net profits to rise significantly in 3Q22.</li>
<li>Alibaba’s Freshippo closed its community group purchase business after many small companies did.</li>
<li>Tencent gave up on acquiring Black Shark, a mobile game handset producer.</li>
</ul>


Two logistics companies expected that their net profits to rise significantly in 3Q22.
Alibaba’s Freshippo closed its community group purchase business after many small companies did.
Tencent gave up on acquiring Black Shark, a mobile game handset producer.


China Internet Weekly (17Oct2022): Alibaba, JD, Tencent, 37, S.F., YTO

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

Northbound Flows (Jan 20th): $7.1bn Inflows Before CNY

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, Contemporary Amperex Technology,...

Ke Yan, CFA, FRM

ZTO Express (2057 HK/ZTO US): Solid Upward Momentum Stays Intact

ZTO's strong 3Q22 net profit growth and increased buyback program are both positive developments. It is also confident on the FY23 outlook as...

Osbert Tang, CFA

Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power,...

Ke Yan, CFA, FRM

China Internet Weekly (31Oct2022): Alibaba, Tencent, Meituan, Kuaishou, S.F.

In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY. Alibaba resumed the cooperation with Kuaishou. Tencent...

Ming Lu

China Internet Weekly (17Oct2022): Alibaba, JD, Tencent, 37, S.F., YTO

Two logistics companies expected that their net profits would rise significantly in 3Q22. Alibaba’s Freshippo closed its community group purchase...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Jan 20th): $7.1bn Inflows Before CNY

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, Contemporary Amperex Technology,...

Ke Yan, CFA, FRM

ZTO Express (2057 HK/​​ZTO US): Solid Upward Momentum Stays Intact

ZTO's strong 3Q22 net profit growth and increased buyback program are both positive developments. It is also confident on the FY23 outlook as...

Osbert Tang, CFA

Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power,...

Ke Yan, CFA, FRM

China Internet Weekly (31Oct2022): Alibaba, Tencent, Meituan, Kuaishou, S.F.

In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY. Alibaba resumed the cooperation with Kuaishou. Tencent...

Ming Lu

China Internet Weekly (17Oct2022): Alibaba, JD, Tencent, 37, S.F., YTO

Two logistics companies expected that their net profits would rise significantly in 3Q22. Alibaba’s Freshippo closed its community group purchase...

Ming Lu

ZTO Express (2057 HK/ZTO US): Solid Upward Momentum Stays Intact